Wealth Gap Increasing Among Millenials, Possibly Most Unequal Generation in History

Discussion in 'Mayberry Lounge' started by Orgasmo, Aug 11, 2018.

  1. Orgasmo Silver Belt

    Joined:
    Dec 13, 2013
    Messages:
    11,345
    Likes Received:
    1,509
    Location:
    Vancouver, BC, Canada
    Two trends are emerging in recent years. In short, 1 in 6 millennial actually have more than $100k in savings and investments, which is quite impressive. On the opposite end, number of millennial without any savings are increasing. Even in older millennial group (25 to 34), about 4/5 has less than $10k in savings.

    [​IMG]
    https://www.cnbc.com/2018/02/09/a-g...illennials-have-absolutely-nothing-saved.html

    There is growing evidence that millennial will be the most unequal generation than all previous ones.

    https://qz.com/1130126/millennials-...vious-generations-according-to-credit-suisse/

    What do you think the implication of this has on society in a decade?
     
  2. BisexualMMA Don't Put My Name in the Name of Steroids!

    Joined:
    Jul 3, 2010
    Messages:
    39,888
    Likes Received:
    3,523
    Location:
    Super Fight League Corporate HQ
    Yeah but these stats don't really factor in likes and retweets, now do they?
     
  3. bushman505 Banned Banned

    Joined:
    Aug 28, 2016
    Messages:
    11,873
    Likes Received:
    0
    Location:
    SW Alaska
    I don’t care about millennials.

    I’m not one and I have more than 100k in savings after losing most of what I had and getting set far back in the 2008 recession.
     
  4. Kaybee Arianator Belt Staff Member Senior Moderator

    Joined:
    Jul 21, 2016
    Messages:
    5,589
    Likes Received:
    2,121
    Location:
    Miami
    Well you are putting people straight out of college making absolutely nothing and people well into their thirties hopefully settled into their career both in the same category.

    Not saying there isn’t a massive wealth gap in America or anything, but this info seems misleading
     
  5. Orgasmo Silver Belt

    Joined:
    Dec 13, 2013
    Messages:
    11,345
    Likes Received:
    1,509
    Location:
    Vancouver, BC, Canada
    Did you not actually read the report? They're using older millenials (25 to 34) as the backdrop measure, not kids fresh out of college. Even among older millenials, 80% has less than $10k saved.
     
  6. Jackie Blue Gold Belt

    Joined:
    Jul 2, 2013
    Messages:
    17,670
    Likes Received:
    4,033
    Location:
    Richard Kern's Playhouse
    It's not surprising in this technocrat society. Those that are graduating from elite universities, especially in STEM fields, are benefiting. The rest are falling behind.
     
  7. Kaybee Arianator Belt Staff Member Senior Moderator

    Joined:
    Jul 21, 2016
    Messages:
    5,589
    Likes Received:
    2,121
    Location:
    Miami
    Yes, I did see 25, which is still a big difference from 35.

    So what, you work a few years full time; that isn’t going to be enough time to reasonably save up as much money as someone who is almost middle aged. And many of the better paying careers like medical and law require additional education, so it isn’t unreasonable to think that a 25 year-old is fresh out if school or even still in school (and thus broke as hell)
     
  8. Midnighter Silver Belt

    Joined:
    Aug 25, 2009
    Messages:
    14,491
    Likes Received:
    1,951
    This will probably impact everyone somehow, unless you're gonna die soon.

    RIP
     
  9. bushman505 Banned Banned

    Joined:
    Aug 28, 2016
    Messages:
    11,873
    Likes Received:
    0
    Location:
    SW Alaska
    Maybe but as a 38 year old whonhas a well established career, savings and dual incomes (married, wife is on the medical field), own a few properties free and clear, zero debt, I’m not too worried.
     
  10. Midnighter Silver Belt

    Joined:
    Aug 25, 2009
    Messages:
    14,491
    Likes Received:
    1,951
    I'm moreso talking about when you're 58 and the time to recoup loses is nearly gone, if not entirely, but yea.
     
  11. bushman505 Banned Banned

    Joined:
    Aug 28, 2016
    Messages:
    11,873
    Likes Received:
    0
    Location:
    SW Alaska
    Perhaps. And you are right losing it all at 58 would be brutal, I know a few guys like that.
     
  12. MeWithInfinityGauntlet Banned Banned

    Joined:
    Jul 31, 2018
    Messages:
    241
    Likes Received:
    0
    This isn't really all that concerning.

    The big issue is that robots and Algorithms are going to replace most jobs in the next 30 years or so. There will be new jobs created, but these jobs will require substantially higher levels of intelligence than most of the current jobs. Which isn't good for most of the people who aren't me considering that it's arguable that most average joes are actually getting dumber thanks to the welfare state.
     
  13. snootylol Purple Belt

    Joined:
    Jul 28, 2017
    Messages:
    1,847
    Likes Received:
    116
    Does it matter? I keep hearing the gap between Rich and poor is growing... but a poor person in 2018 is far better off then someone in say 2000 imo..

    I grew up in a middle class family but back 15-20 years or so ago.. the internet was garbage and dial up.. you had no amazon at the touch of your fingers to order anything.. Now you have far more options.
     
  14. Big Tuppy Hole Gold Belt

    Joined:
    Jul 3, 2007
    Messages:
    20,396
    Likes Received:
    503
    Ive never considered myself a millennial but according to that graph I am.
     
  15. Starck Black Belt

    Joined:
    Nov 11, 2009
    Messages:
    6,675
    Likes Received:
    321
    No opinions. I've gone from a low end millennial to a high end millennial in the last several years, judging by the data.
     
  16. sloppypie Banned Banned

    Joined:
    Feb 13, 2016
    Messages:
    2,665
    Likes Received:
    0
    Massive wealth disparity is the inevitable result of unchecked capitalism. A strong middle class is actually an abnormality unless there’s a major catastrophe that shifts immense bargaining power to workers, like world war 2 or the bubonic plague.

    Otherwise capitalism needs severe regulations, of which the United States has rapidly destroyed since the 80s. So none of this is surprising in the slightest and completely expected to anyone who has been paying attention the last few decades.

    But that’s not even the worst part. We are returning to an economic time more akin to the turn of the 20th century. No social safety nets, no health care, no benefits, low wages, high rent, and no workers rights. Our response to globalism, rather than shift to say a European model, is to return to our old third world approach. Because the United States is actually partially third world in many parts, where people don’t even have running water or sewers. We will try to compete with places like China by becoming more like them, and that’s a bad thing for quality of life.

    But hey, people voted for it, and most people don’t even vote. When the crashes ands catastrophes come, and they will, it’s going to be hard to talk to my moron friends and family who never vote when they ask me who we have to blame for all of this. It’s you stupid, you let monsters take power, and this is the result. So suck it up and put that fucking eggo waffle hamburger sundae down bc you can’t afford health care any more stupid.
     
  17. tru3f4n Red Belt

    Joined:
    Feb 6, 2006
    Messages:
    8,942
    Likes Received:
    7
    Wait so it isn't normal to have 10k+ in your bank all the time?
     
  18. MeWithInfinityGauntlet Banned Banned

    Joined:
    Jul 31, 2018
    Messages:
    241
    Likes Received:
    0
    A welfare state creates a lower genetic quality of humanity and then pays them even more to pop out even more kids.

    Moreover, the kids they pump out are barely even smart enough to do jobs now, in 20 years those people and their offspring won't be able to do ANY of the jobs.
     
  19. Starck Black Belt

    Joined:
    Nov 11, 2009
    Messages:
    6,675
    Likes Received:
    321
    Would be curious to see the stats on assets as a whole rather than just focusing on savings accounts.
     
  20. Don Quixote Heart of a Lion

    Joined:
    May 22, 2007
    Messages:
    4,833
    Likes Received:
    76
    Location:
    The Bible Belt
    I’ve done well for the decade after high school with a good job until I got laid off. Now I feel as if I’m back to square one.
     

Share This Page

  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.